SECTION 1. Notwithstanding chapter 114 of the General Laws or any other general or special law to the contrary, the treasurer of the city of Everett may, from time to time, to plan and for capital expenditures for cemetery development, borrow from the Glenwood Cemetery Perpetual Care Fund established by city ordinance up to 1/3 of the market value of the fund.
SECTION 2. Each borrowing and the terms of the borrowing including, but not limited to, the rate of interest, shall be authorized by a 2/3 vote of the city council. The term of borrowing shall not exceed 10 years. The principal and interest of notes or bonds issued under this act shall be paid from the proceeds of the sale of burial rights in a manner determined by city ordinance with the approval of the city council; provided, however, that no portion of the payment shall be affected by appropriation from the tax levy.
SECTION 3. The proceeds of the borrowing shall be expended as set forth in section 1 and authorized by a 2/3 vote of the city council.
SECTION 4. This act shall take effect upon its passage.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.